It's a great day to be holding S&P/ASX 200 Index (ASX: XJO) shares.
How great?
Well, a quick scan on my screens during the Thursday lunch hour shows me a welcome sea of green.
This sees the Aussie benchmark index itself up 4.7% in early afternoon trade.
Investors are in high spirits today after United States President Donald Trump announced a 90-day pause on the big tariff increases he planned for dozens of nations. Those nations will now be hit with 'only' the baseline 10% tariff during the negotiation period. China isn't among those, with Trump's tariffs set to soar to 125% on the Middle Kingdom's exports into the US.
And just as Trump's tariffs have managed to unhinge investors and pull ASX 200 shares lower over recent weeks, the news of a reprieve is fuelling today's big rebound.
So, which stocks are leading the charge higher today?
I'm glad you asked!
5 ASX 200 shares surging more than 11% today
At the time of writing, I'm seeing at least 12 ASX 200 shares posting gains of at least 10% today.
Leading the pack is buy now, pay later (BNPL) stock Zip Co Ltd (ASX: ZIP).
The Zip share price is up a blistering 20.7% at the time of writing, with the shares changing hands for $1.46 apiece.
The ASX BNPL stock also closed up 6.7% on Tuesday after management announced plans for a $50 million share buyback. Zip shares are still down 50% in 2025, following the huge gains posted in 2024, with investors concerned about a potential US recession and a pause in Federal Reserve interest rate easing.
Speaking of beaten-down ASX 200 shares enjoying a strong boost today, the Mineral Resources Ltd (ASX: MIN) share price is also rocketing.
Shares in the ASX lithium miner and diversified resources producer are up 14.7% today at $16.52 apiece. Amid ongoing concerns over a medium-term lithium oversupply, Mineral Resources shares remain down 53% year to date.
Blue-chip financial stock Netwealth Group Ltd (ASX: NWL) is also pleasing shareholders today.
Shares in the investment platform provider are up 13.3% in afternoon trade at $25.62. Netwealth shares also have a way to go before recouping their 2025 losses, with shares still down 11% year to date.
The ASX 200 share looks to have gotten an extra jolt today following the release of its March quarterly update. Among the highlights grabbing investor interest, Netwealth reported a 29% year-on-year increase in net flows for the three months to $3.5 billion.
Which brings us to Megaport Ltd (ASX: MP1).
Shares in the network-as-a-service solutions provider are changing hands for $9.95, up 11.1%. Unlike the three stocks above, Megaport shares have amply rewarded stockholders in 2025, now up 35% year to date.
And the fifth ASX 200 share that's leading the pack in today's surging market is Champion Iron Ltd (ASX: CIA).
Shares in the iron ore miner are up 11.3% today, trading for $4.38 each. Champion Iron shares remain down 26% year to date.
Atop the pause in the Trump tariffs, Champion looks to be benefiting today from the 2.1% overnight gain in the iron ore price to US$96.80 per tonne.
